Hello, if one needs to adjust the cost basis from a 1099-B as gains are being reported on the W-2 as to not double count, what is the best way to do that in TurboTax? It seems the only way to adjust the cost basis is to select "Ill enter a summary for each sales category" which I see requires you to mail in your 1099-B to the IRS after e-filing. Is there another way to adjust the cost basis without having to mail in the 1099-B? Should one just select "Ill enter one sale at a time" and adjust the cost bases reported in Box 1e of the 1099-B? I believe doing this will not provide transparency on the adjustment being made so not sure what to do. Thank you
Should one just select "Ill enter one sale at a time" and adjust the cost bases reported in Box 1e of the 1099-B? CORRECT METHOD TO USE.
Thank you for the response Critter-3. If I do this, there is no place at put in an "adjustment" and associated "adjustment code" I read in other places you want to enter a "B" for adjustment code reason but if I use this method there is nowhere to enter this. I just want to ensure this is correct and won't result in additional issues. Thank you!
Thanks you! I will try this out and let you know if I have additional questions. Appreciate the help!